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Production and Exploration Update
ZCI Limited
(Bermudian registration number 661:1969
(South African registration number 1970/000023/10)
JSE share code: ZCI ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI")
Production and Exploration Update
Production and exploration for the first quarter of Financial Year 2014-2015
ZCI is pleased to report that its subsidiary, African Copper Plc (“African Copper” or the “Company”), an
AIM and Botswana listed copper production and exploration company, announces a production and
exploration update for the first quarter of its financial year to 30 June 2014.
SUMMARY
• For the first quarter of fiscal 2015, the Company produced 2,703 metric tonnes (“Mt”) of copper in
concentrate.
• Ore processed while increasing to 169,565 Mt from the previous quarter's 163,391 Mt, continued
to be affected by a lack of good quality ore from the Thakadu Pit due to the backlog waste
stripping required; however the new mining contractor Diesel Power, that commenced operations
in April 2014, is beginning to reduce this backlog. Improved ore production from the Thakadu Pit
is expected in the coming quarter.
• The Mowana Process Plant had above target availability, but variable utilization due to erratic ore
supply from Thakadu during the quarter.
• Infill drilling in the Thakadu Pit was carried out to allow updating of the Thakadu geological
model; and infill drilling started in the Mowana Pit to enable re-categorisation of Inferred
resources to Measured and Indicated resources, for incorporation into the Mowana Life of Mine
Plan.
Mr Jordan Soko, Acting Chief Executive of African Copper, said: “We are pleased with the mining
progress that Diesel Power is making at the Thakadu Pit. With improved ore production from Thakadu
and more stable operating conditions at the Mowana Plant we are well positioned to increase
production levels for the remainder of our financial year”.
For further information please visit www.africancopper.com
PRODUCTION
Production levels for the three months ended 30 June 2014 and previous periods are set out below:
Description Apr. May. June. Total Total Total
2014 2014 2014 Q1 Q1 Q4
Fiscal Fiscal Fiscal
2015* 2014* 2014*
Ore processed (Mt) 65,232 48,017 56,316 169,565 181,233 163,391
Cu grade (%) 1.99 2.41 0.83 1.72 2.03 1.71
Recovery (%) 92.9 94.4 87.2 92.6 83.6 90.2
Concentrate produced (Mt) 4,767 4,038 1,964 10,769 13,003 9,944
Copper produced in concentrate (Mt) 1,204 1,092 407 2,703 3,075 2,515
*Fiscal 2014 is for the year ended 31 March 2014 and Fiscal 2015 is for the year ended 31 March 2015
Copper produced in concentrates for the first quarter Fiscal 2015 decreased by 12.1% and volume
processed decreased by 6.4%, compared to the same period in Fiscal 2014.
During the three months to end June 2014, ore mined from the Thakadu Pit continued to be affected by
the previous mining contractor’s low levels of waste stripping; and ore mined only increased marginally
to 169,565 Mt from 163,391 Mt in the fourth quarter of Fiscal 2014. The new mining contractor Diesel
Power started mining operations at Thakadu during April 2014, and mining productivity has increased
during this quarter with inroads being made to the backlog waste stripping required to expose ore.
Improved ore production from the Thakadu Pit is expected during the coming quarter. Tonnages mined
by Diesel Power since April 2014 were as follows:
Description Apr. May. June. June.
2014 2014 2014 2014
Tonnages Mined (000’s Mt) 712 859 888 911
Plant utilisation and throughput continued to be affected during the first quarter of Fiscal 2015, by the
lack of ore available to be transported from Thakadu, and the time taken to accumulate sufficient live
ore on the ROM pad for crushing. When ore was available from Thakadu, transportation occurred with
no problems. Ore processed fluctuated during the current quarter, and copper in concentrate produced
increased to 2,703 Mt from 2,515 Mt during the fourth quarter of Fiscal 2014, primarily due to improved
ore grade during April and May. Low grade stockpile ores were processed in June as a result of the
lack of Thakadu ore available while waste stripping activities were ongoing.
GEOLOGY AND EXPLORATION
At the Thakadu Open Pit a total of nine reverse circulation drillholes were completed during the quarter
to redefine the Thakadu ore body and the Thakadu geological model has been updated based on this
drilling.
A reverse circulation drilling programme comprising seventeen drillholes started at the Mowana Open
Pit during June 2014. Results will be used to move Inferred Resources to the Measured and Indicated
categories, for incorporation into the life of mine plan.
At Matsitama exploration activities during the quarter continued within the PL16/2004 and PL17/2004
prospecting licences, with work focused on the Phute and Nakalakwana targets.
At Phute a total of thirteen reverse circulation drillholes comprising 2,170 metres were completed. Low
grade mineralisation, 0.4 to 0.8% TCu in the form of sulphides (pyrite and chalcopyrite) and oxides
(malachite and chrysocolla) were intersected in both the north and south limbs of the target.
Following a review of soil geochemistry and drillhole data from previous programmes at Nakalakwana
West, anomalous targets were tested using reverse circulation drilling. A total of six drillholes
comprising 1,051 metres were drilled with traces of pyrite and chalcopyrite seen in the holes. Further
geophysical surveys will be used to identify deeper targets in this area.
Renewals for extension of the main Matsitama prospecting licences PL14/2004, PL15/2004, PL16/2004
and PL17/2004 were submitted to the Ministry of Minerals, Energy, and Water Resources during the
quarter.
The technical information in this announcement has been reviewed and approved by David De’Ath, BSc
(Hons), MSc, GDE-Mining, MIMM and MAusIMM, the Company’s Resident Geologist, of the
Mowana Mine for the purposes of the current Guidance Note for Mining, Oil and Gas Companies
issued by the London Stock Exchange in June 2009.
Bermuda
18 August 2014
Sponsor: Bridge Capital Advisors (Proprietary) Limited
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